Why ePassporte wont pay out [Detailed] - Page 2 - GoFuckYourself.com

BIGTYMER · 10-20-2010, 04:17 AM

Quote:

Originally Posted by AdultKing

Unfortunately ePassporte being a foreign company escapes alot of regulation of financial services companies in the USA. Even then my limited reading of the Money Services Business regulations over the past few days leads me to believe that even if ePassporte was required to be registered, there is little enforcement power available to regulators.

I really do want a Paxum rep to state definitively how much of account holders funds will be actually held in accounts by Paxum and what measures are in place to protect account holders funds if Paxum loses relationships with card companies. How is Paxum in a different position to ePassporte when it comes to account holders funds ?

Yes, I know. My response was more about regulations in general. Food, water, etc.

slowloris · 10-20-2010, 04:24 AM

Quote:

Originally Posted by the indigo

Anybody should watch "Money As Debt" on Youtube.

It's very well done and explains how the money works.
And guess what? 99% of the people have no idea.

Totally Agree! If everyone in the world or just the US, lost faith in the fact that a dollar bill could actually be exchanged for something we needed or wanted - the whole system would collapse. A dollar bill is effectively something we have been trained to believe has some worth, but really it's just paper.

At least when money was pegged to gold we could at least guarantee that we could get gold in exchange, which is worth something due to its scarcity. But so long as we believe a piece of paper is worth something, money can be printed endlessly, and those who control the printing presses have the true power. Forgive me if my terminology is slightly incorrect, and my argument slightly incoherrant - a little drunk here. But I have much more to say on this issue, and will do so when sober!

AdultKing · 10-20-2010, 04:59 AM

Paxum have said in another thread:

Quote:

All funds in the E-wallet are sitting in our Bank Accounts. We do not use that for investment purposes. We also have an additional 10-20% of additional funds in the bank accounts. So if all Paxum users decided to withdraw their money in one day, they would be able to do so without any problems. For every 100,000 USD in Paxum we have anywhere from 100,000 to 120,000 USD in the bank account. Of course that might change later on but it will never been less then 100% of the funds.

Just posting this as I raised the question in this thread and Paxum have responded.

brassmonkey · 10-20-2010, 05:50 AM

ill wait till friday then.....

nexus868 · 10-20-2010, 06:36 AM

PXUM is the same of epassporte...and i'm sure they have relationship....for sure Mallick has business with PAXUM...

My opinion: PAXUS was founded as CLONE of EPASSPORTE to prevent or in prevision of the end of business of EPASSPORTE.

For sure EPASSPORTE will not pay all money to all webmaster because effectivly they invest our money in private project like Middle Man. So to remain in business Mallick decided to found this new company PAXUM.

When the worse arrived he immediatly sent back to all big sponsors money ( for sure Mallick knws in person all big boss of the ADULT ) and suggest them to switch to PAXUM his new big company that works like epassporte but apparently has fixed all security holes of epassporte )

We cannot do anythink he will be in business again with new name....we cannot oppose ourself to this new situation...but i'm sure that this is possible...

I live in a country where thinks like that happens every day...

nexus868 · 10-20-2010, 06:40 AM

In my country people like Mallick steal money and after doing very bad thinks they start again... Where are money...they are behind...

AdultKing · 10-20-2010, 06:44 AM

Quote:

Originally Posted by nexus868

PXUM is the same of epassporte...and i'm sure they have relationship....for sure Mallick has business with PAXUM...

What a rant. There is no evidence of this and it is quite unlikely, there is zero evidence to support this idea.

nexus868 · 10-20-2010, 06:50 AM

but is possible...there is no evidence also to not support...

nexus868 · 10-20-2010, 06:52 AM

Additionally i found this in epassporte.com whois:

Record created on: 2002-03-21 12:20:01.0
Database last updated on: 2009-09-28 18:38:27.487
Domain Expires on: 2011-03-21 12:20:01.0

As you can see they not renewed their domain for 2012... ok they can renew the domain every year this is possible...but a so big company that renew the domain every year ? Normally they renew also i renew for 2 years... many big one for 10 years....but year by year is very strange...

Adraco · 10-20-2010, 06:55 AM

Quote:

Originally Posted by nexus868

but is possible...there is no evidence also to not support...

Well, that's a stupid argument and not a valid one. Because with the same argument, I could also be God - because there is no evidence to support that I'm not...

Argument thus invalid.

AdultKing · 10-20-2010, 06:57 AM

Quote:

Originally Posted by nexus868

but is possible...there is no evidence also to not support...

Stop posting on this subject dude, you're looking stupid.

nexus868 · 10-20-2010, 07:00 AM

Ok i'm stupid like you say....but i know that this kind of think happen many times where i live... In USA all people are onest and clean...i can understand..

u-Bob · 10-20-2010, 07:05 AM

Quote:

Originally Posted by nexus868

Normally they renew also i renew for 2 years... many big one for 10 years....but year by year is very strange...

no it's not.... hell, even Microsoft let a couple domains expire accidentally

Barry-xlovecam · 10-20-2010, 08:04 AM

Quote:

Originally Posted by AdultKing

[E]ach and every person in the US should file a criminal complaint against the US citizen operator of ePassporte, Chris Mallick. ...

You actually think a prosecuting attorney would take this to a grand jury and be able to get a felony indictment?

ePassporte NV ( Dissolved ) is/was not operating in US state or federal jurisdiction.

The FDIC is irrelevant in this matter of ePassporte.

Filing a class action lawsuit alleging what and in what jurisdiction?

What you are neglecting to understand is that if any fraud could be proven — fraud committed by ePassporte NV is that by its Officers or Directors and is in the jurisdiction of Curaçao, Netherlands Antilles. (Venue.)

As a US citizen, Chris Mallick is in the jurisdiction of the US Courts. And only if intent to defraud can be alleged successfully before a Grand Jury resulting in a criminal indictment and an arrest warrant signed can he be prosecuted as an individual.

I agree with you as to loss and possible swindle aspect of this affair but as to your rationalizations — they are of little use and not relevant to the real issues.

========

Quote:

BELIZE
OFFSHORE BANKING ACT
CHAPTER 267

PART II
Licensing Requirements

4.-(1) No person shall carry on offshore banking business from within Belize
unless he holds a valid licence granted under this Act.

PART III
Types and Requirements of Offshore
Banking Licences

17.-(1) No company shall apply for, or obtain, or be eligible to hold, a “B”
Class offshore banking licence under this Act unless it maintains at all times
capital equivalent to not less than two hundred thousand dollars or, in the case
of a foreign bank, not less than fifteen million dollars. The capital shall be
expressed in dollars or in any other foreign currency as the Central Bank may
approve in writing.

chronig · 10-20-2010, 08:22 AM

Quote:

Originally Posted by TylerBang

And why was this guy Larry Chavana pretending to help me before he just fucking disappeared?

And what the fuck is that look on his face?

Would you knowingly trust him with tens of thousands of your dollars?

lollllllllllllllllllllllll wtf?

epitome · 10-20-2010, 08:30 AM

Quote:

Originally Posted by stocktrader23

I'm not going to act like I'm an expert on the banking laws, especially in whatever country Epassporte was setup in but I know that I have checked on stuff like this before and everything I read on it said that if you hold customers money YOU HAVE TO KEEP IT IN FULL, IN A SEPARATE ACCOUNT. You cannot borrow it, steal it, pay employees with it, etc.

Correct, all funds should have been held in what was essentially a trust/escrow account. They should have had separate operating accounts if properly structured.

Whether Epassporte actually did that is the real question.

It's just like when you give a deposit check to a real estate broker; it goes into an escrow account and is never co-mingled with their operating funds. If they deposit it into their operating funds they will lose their license if caught.

epitome · 10-20-2010, 08:33 AM

Quote:

Originally Posted by chronig

lollllllllllllllllllllllll wtf?

I love Amanda Lepore.

She was one of Michael Alig's original party kids.

Carmen80 · 10-20-2010, 09:33 AM

Quote:

Originally Posted by AdultKing

Each and every person in the US should file a criminal complaint against the US citizen operator of ePassporte, Chris Mallick.

I have already explained why I believe that ePassporte will not pay out in other threads but here it is again:

For ePassporte to be in a position to pay out every account, at the time of closing the doors ePassporte would have needed over 100% of wallet funds in cash or security. This is extremely unlikely.

Most financial services institutions like banks and p2p processors like Paypal only hold a percentage of liabilities in security. This is why they have things like FDIC insurance in the USA and one of the reasons they need an Australing Financial Services license in Australia.

Let's take Paypal as an example. If every single Paypal customer made a full withdrawal of every cent held in their Paypal account then Paypal would run out of money before everyone could be paid. This is because they run models of the transactional nature of the business and this model takes into account that at any particular point in time a certain percentage of account holder funds will remain in the system.

In banking terms this is called fractional reserve banking.

HOWEVER ePassporte was not governed by any regulatory regime which required it to be insured for all account holders funds and thus likely did not have the generally accepted levels of security for banking institutions or regulated and insured organizations like Paypal.

Not being governed by a regulatory regime means that ePassporte was free to carry as much account holder liability mismatch as it wanted to. This liability mismatch funded movies being made, private jets, expensive cars, the expensive lifestyles of executives and so forth.

While ePassporte was running along without any hitch, even with a low fractional reserve liability mismatch they could honour recurrent liability of the normal flow of money within it's system. As soon as Visa pulled it's relationship, the stack of cards fell in one instant and has caused a run on ePassporte funds, firstly those held in Virtual Visa Cards and Secondly those in wallets.

Unless ePassporte ran the system with no fractional reserve liability (which is not possible for such an operation) then there is less than 100% of account holders funds held by ePassporte. I would be surprised if they held anything over 20% - 30% as the lavish lifestyle of Chris Mallick had to be supported by something and as we all know his other buisiness ventures, especially film making, were flops or underperforming at best.

What is likely to be happening now is this.

Closing down an operation like ePassporte takes time. Firstly staff were let go and many would have been paid a severance or termination. Then lawyers and accountants would have been called in to try to make sense of the mess, also costing a considerable amount.

Following up this ePassporte had to make some sort of public statement so has done so and has been following this up over several weeks with additional statements of re-assurance but no real action. In the mean time secured creditors are likely being paid out quietly. Chris Mallick wants to come out of this without impediment to movement around the world so he wants to be sure that no funds are left owing to secured creditors.

This will leave a small percentage of representative wallet funds remaining. I imagine invested monies are now being called in. The most likely scenario is that when all secured creditors are paid out somewhere between 0% - 15% of wallet funds will remain.

The most likely tactic that will follow is that ePassporte will pay out the most vocal critics or if they aren't that clever they will make enough disbursements that confusion will be created. Some people will say they got paid, others wont. This will buy just enough time before the liquidation statutes of the jurisdiction in which ePassporte operates will allow final distributions of funds - this will go to shareholders and into Chris Mallicks pockets.

Very few people will see the money returned because it is just not there, it's gone.

People owed considerable monies by ePassporte should file class action lawsuits NOW before the process is allowed to complete. This should also be backed up by criminal complaints - insist that your complaint is taken.

If you keep buying the delaying tactics and waiting it out then you are playing into Chris Mallick's hand and as unsecured creditors of ePassporte you will be left swinging in the wind.

This explains everything and I think finally there is a theory that isnt retarded.

And if it's legal for them to use a big chunk of the money for investments like you said, then most likely mallick has looked up all legal aspects, and when epass goes down for sure, it will be pointless to even attempt to sue him or contact a lawyer.

I bet the reason why the visa's was suspended is because st kitts bank knew how mallick misused the epass money and they decided to lock the visa funds so he cant steal more money from epass account holders once it all goes down.

I am well aware that I wont get back my 4k and honestly I dont give a fuck anymore. And for the people with 10k+ on their epass accounts, you WONT get it back but I bet this will be a wakeup call for you all. Don't keep your shit online.

Quagmire · 10-20-2010, 09:45 AM

Quote:

Originally Posted by AdultKing

I don't know if it's a contradiction or not, however the off shore notion is so similar to ePassporte isn't it ? Anyone with half a brain knows Belize is synonymous with almost zero regulation of financial services and offshore schemes harboring funds from tax schemes and so forth.

All I know is that I won't be setting up an account and have zero faith in them as a true company. They're just another fly-by-night operation who will vanish.

AdultKing · 10-20-2010, 11:46 AM

Quote:

Originally Posted by Quagmire

All I know is that I won't be setting up an account and have zero faith in them as a true company. They're just another fly-by-night operation who will vanish.

I think it's a bit early to make any judgements one way or the other.

Obviously many people are not going to be trusting a new payment system after being burned by the last but there is no evidence Paxum is a fly by night operation.

butcherboy · 10-20-2010, 01:15 PM

+1

Quote:

Originally Posted by stocktrader23

Epassporte was setup in but I know that I have checked on stuff like this before and everything I read on it said that if you hold customers money YOU HAVE TO KEEP IT IN FULL, IN A SEPARATE ACCOUNT. You cannot borrow it, steal it, pay employees with it, etc.

Also every business could suffer by 'world financial crisis' BUT Mr. Mallick and ePassporte.com continue to make statements that "Money are safe", "Money will be paid"...So if this is not true this obviously is financial fraud - to lie people with false statements.

Carmen80 · 10-20-2010, 01:58 PM

Quote:

Originally Posted by Jesus H Christ

When will you people learn?...it was all about the timing. Chris Mallick had perfect timing or he was just damn lucky and Barry-xlovecam nailed it.

We live in an era of billion dollar bailouts, failed banks, mortgage foreclosures, predatory lending, and Ponzi schemes. Do you actually think filing a criminal complaint about a company who stole millions dollars from pornographers is going to get any attention from US Federal/State prosecutors? Christ, it's also a fucking election year!

Federal/State prosecutors already have their hands full with everyday folks getting taken and do you actually think they will spend our tax dollars trying to recover/defend a person who makes a living from a guy getting his ass fucked by his buddies forehead dildo?

What you need to do is STFU and get over it because all you're doing is drawing attention to yourselves. Like that moron crying all over the net he lost a $225k. You do realize that it won't be long before State/Fed prosecutors nail many of you and seize funds because of simple Community Standard laws...or whatever other shit they make up?

Meaning, Cities, Counties, States, are close to being broke and make money for their community by prosecuting you. Win or lose they still make money.

Right now it's all about fucking up his rep so whining is good.

Posting shit about him online or making a hate domain are two good things. He might steal our money and we cant get it back, but we can fuck up his rep for a long time. That gotta be worth something.

the indigo · 10-20-2010, 03:29 PM

Quote:

Originally Posted by stocktrader23

Is this more fractional reserve b/s? There is nothing wrong with fractional reserve in the BANKING system. There are regulations and backups put in place to keep things operating and it puts more 'money' into the system. This is not OMG bad like a lot of nutjob sites suggest.

It's really simple and explain a lot more than just fractional reserve banking. It covers the history of money, before the FED was created.

If you want something longer and detailled, watch "Money Masters" (3hrs+)

It's an oxymoron to pretend regulations and backups keep things operational. The 2008 crisis would not exists. The FDIC would be bankrupt if it was not of QE... and now QE2.

the indigo · 10-20-2010, 03:40 PM

Quote:

Originally Posted by u-Bob

The entire banking system is a government-sanctioned ponzischeme. The government makes the taxpayer pick up the tab when things go wrong (bailout anyone?).

Exactly. The Federal Reserve System created in 1913 by private bankers was the first, but it's now the same in Canada and any other country. They are above the law. Ben Bernanke does not care about the congress.

stocktrader23 lives in a dream or something.

MMarko · 10-20-2010, 03:56 PM

Quote:

Originally Posted by slowloris

Totally Agree! If everyone in the world or just the US, lost faith in the fact that a dollar bill could actually be exchanged for something we needed or wanted - the whole system would collapse. A dollar bill is effectively something we have been trained to believe has some worth, but really it's just paper.

I just don't understand those who repeat these lame statements (often seen in even lamer "how money works" documentaries) over and over again. ALL things you use for any type of exchange work like that if they are not primary goods like food. Now isn't it better to make argreement (or "train to believe that is worth") and use something more conventient like piece of paper or event better piece of plastic?

Also by having fractional system you can invest and actually make some progress and build those fancy cars, rockets, planes, bridges... It's better to make some use of that money and generate some new value then leave it to rot in your bank account. Why would all people want all of their money today? Only reason is if they are afraid if they are not everything works perfect.

icymelon · 10-20-2010, 05:57 PM

lets give this thing a few more weeks and hope everyone gets their money.

TeenSluts · 10-20-2010, 07:29 PM

rep rep rep

V_RocKs · 10-25-2010, 07:02 PM

I fucked all of your mothers. Hey, kids! Daddy, says chello!

AdultKing · 11-23-2010, 06:16 PM

Bump for the people hoping to be paid out by ePassporte. Go get a lawyer or a hitman, whatever you need to do but don't expect ePassporte to pay you just by playing their send documents and wait for wire game.

You need to be proactive now to have any hope of even getting a few cents on the dollar. Nobody will be paid just by waiting for it to happen.

Forest · 11-23-2010, 06:29 PM

Quote:

Originally Posted by Carmen80

Right now it's all about fucking up his rep so whining is good.

Posting shit about him online or making a hate domain are two good things. He might steal our money and we cant get it back, but we can fuck up his rep for a long time. That gotta be worth something.

i own

chrismallickscammedus.com
chrismallickscams.com

if anyone wants them hit me up. free

10-20-2010, 05:50 AM	#54
brassmonkey Pay It Forward Industry Role: Join Date: Sep 2005 Location: Yo Mama House Posts: 76,955	ill wait till friday then..... __________________ TRUMP 2025 KEKAW!!! - Support The Laken Riley Act!!! END DACA - SUPPORT AZ HCR 2060 52R - email: brassballz-at-techie.com

10-20-2010, 05:57 PM	#76
icymelon Confirmed User Industry Role: Join Date: Dec 2007 Location: Las Vegas Posts: 3,220	lets give this thing a few more weeks and hope everyone gets their money. __________________ Network Of Adult Blogs With Hardlink Rentals Available

10-20-2010, 06:36 AM	#55
nexus868 Confirmed User Industry Role: Join Date: Sep 2010 Posts: 99	PXUM is the same of epassporte...and i'm sure they have relationship....for sure Mallick has business with PAXUM... My opinion: PAXUS was founded as CLONE of EPASSPORTE to prevent or in prevision of the end of business of EPASSPORTE. For sure EPASSPORTE will not pay all money to all webmaster because effectivly they invest our money in private project like Middle Man. So to remain in business Mallick decided to found this new company PAXUM. When the worse arrived he immediatly sent back to all big sponsors money ( for sure Mallick knws in person all big boss of the ADULT ) and suggest them to switch to PAXUM his new big company that works like epassporte but apparently has fixed all security holes of epassporte ) We cannot do anythink he will be in business again with new name....we cannot oppose ourself to this new situation...but i'm sure that this is possible... I live in a country where thinks like that happens every day...

10-20-2010, 06:40 AM	#56
nexus868 Confirmed User Industry Role: Join Date: Sep 2010 Posts: 99	In my country people like Mallick steal money and after doing very bad thinks they start again... Where are money...they are behind...

10-20-2010, 06:50 AM	#58
nexus868 Confirmed User Industry Role: Join Date: Sep 2010 Posts: 99	but is possible...there is no evidence also to not support...

10-20-2010, 06:52 AM	#59
nexus868 Confirmed User Industry Role: Join Date: Sep 2010 Posts: 99	Additionally i found this in epassporte.com whois: Record created on: 2002-03-21 12:20:01.0 Database last updated on: 2009-09-28 18:38:27.487 Domain Expires on: 2011-03-21 12:20:01.0 As you can see they not renewed their domain for 2012... ok they can renew the domain every year this is possible...but a so big company that renew the domain every year ? Normally they renew also i renew for 2 years... many big one for 10 years....but year by year is very strange...

10-20-2010, 07:00 AM	#62
nexus868 Confirmed User Industry Role: Join Date: Sep 2010 Posts: 99	Ok i'm stupid like you say....but i know that this kind of think happen many times where i live... In USA all people are onest and clean...i can understand..

10-20-2010, 07:29 PM	#77
TeenSluts Confirmed User Join Date: Mar 2006 Posts: 1,966	rep rep rep

10-25-2010, 07:02 PM	#78
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,391	I fucked all of your mothers. Hey, kids! Daddy, says chello!

11-23-2010, 06:16 PM	#79
AdultKing Raise Your Weapon Industry Role: Join Date: Jun 2003 Location: Outback Australia Posts: 15,605	Bump for the people hoping to be paid out by ePassporte. Go get a lawyer or a hitman, whatever you need to do but don't expect ePassporte to pay you just by playing their send documents and wait for wire game. You need to be proactive now to have any hope of even getting a few cents on the dollar. Nobody will be paid just by waiting for it to happen.